Cuomo and legislative leaders say they have a deal to restructure state income tax

Thumbnail image for NYS Capitol from ESPAndrew Cuomo and legislative leaders announced today that they've reached a deal to restructure the state's income tax.

The Cuomo admin is touting the restructuring as an attempt to "restore fairness to the tax system." Basically, it makes the tax structure more progressive -- that is, the more a person makes, the higher their rate. The admin says 4.4 million New Yorkers will get a tax cut under the new structure.

So, if you're under $300,000 (and more than $40k), you would get a tax cut under this arrangement. Above $300k, your taxes are going up (compared to the rate from a few years back). [NY Post]

As usual, it's little (or a lot) more complicated than that. The bracket breakdown in the press release doesn't really tell the whole story because it doesn't include the temporary personal income surcharge ("millionaire's tax") that's currently in effect -- the TU's Jimmy Vielkind has put together a spreadsheet that makes it a bit more clear.

The Cuomo admin says the new structure generates $1.9 billion in additional revenue for the state -- though that's about $2 billion less than what was generated by the "millionaire's tax", which expires at the end of this month. [NYT] [TU CapCon]

The deal announced today also includes funding for infrastructure projects, support for a constitutional amendment to allow full casino gaming, grants for flood recovery, a few other initiatives.

If you're thinking to yourself: "Wait, did I miss the part where this was all discussed and debated publicly?" The answer is: no, of course not. This is New York.

Comments

Everyone and their mother has been pontificating about the millionaire's tax for at least the past three years. So I don't see it as true that this was not "discussed and debated publicly."

Yes, Bob, execpt in the Capitol. There was no recorded, public discussion in either chamber of Legislature.

Blog discussions don't exactly count as our representatives publicly debating policy.

Overall, the cuts to the lower/middle classes are miniscule as is the hike to the upper class. What a joke...

I'd say that this is an improvement. At a time of rapidly growing wealth disparity, the proposed tax code is more progressive than what we would have otherwise got. So that's progress. Incremental progress, but progress. Am I missing something? (Really, I want to know).

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

The Scoop

Ever wish you had a smart, savvy friend with the inside line on what's happening around the Capital Region? You know, the kind of stuff that makes your life just a little bit better? Yeah, we do, too. That's why we created All Over Albany. Find out more.

Recently on All Over Albany

A generational shift

Quick: Guess which 5-year age group has the most people of any age group in the Capital Region. OK, got your answer? Hold onto it... (more)

"Getting a nicely ripened pear is harder than winning the lottery"

Over at The Atlantic there's an interesting article about a horticulturist working to make pears more competitive with apples -- and it includes some interesting... (more)

Troy Mini Maker Faire at TVCOG

The Troy Mini Maker Faire will be at the Tech Valley Center of Gravity August 27, and there's an open call for makers. Blurbage: The... (more)

West Fulton Puppet Festival 2016

This looks like something a bit different: The West Fulton Puppet Festival returns to Schoharie County July 8-9. Organizers say the schedule includes both national... (more)

The story behind Larkasaurus Rex

Last week we posted a pic sent along to us by Heather for a dinosaur -- T. Rex, it appeared -- walking down Lark Street.... (more)

Recent Comments

... I can't overstate enough how wrong stereotypes about school districts can be. A lot of people have preconceived notions about places, both positive and negative, that don't always match reality until you and your child experience it yourself. ...

Troy Mini Maker Faire at TVCOG

...has 1 comment, most recently from Burnt My Fingers

Design help for organizing a house?

...has 5 comments, most recently from Julie

The story behind Larkasaurus Rex

...has 4 comments, most recently from kgb

Morning Blend for Jun 28

...has 2 comments, most recently from -B

A good endocrinologist?

...has 18 comments, most recently from CAOD